Page:United States Statutes at Large Volume 105 Part 3.djvu/427

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PUBLIC LAW 102-242—DEC. 19, 1991 105 STAT. 2311 SEC. 233. ASSESSMENT CREDITS FOR QUALIFYING ACTIVITIES RELATING 12 USC 1834a. TO DISTRESSED COMMUNITIES. (a) DETERMINATION OF CREDITS FOR INCREASES IN COMMUNITY ENTERPRISE ACTIVITIES. — (1) IN GENERAL.— The Community Enterprise Assessment Credit Board established under subsection (d) shall issue guidelines for insured depository institutions eligible under this subsection for any community enterprise assessment credit with respect to any semiannual period. Such guidelines shall— (A) designate the eligibility requirements for any institution meeting applicable capital standards to receive an assessment credit under section 7(d)(4) of the Federal Deposit Insurance Act; and (B) determine the community enterprise assessment credit available to any eligible institution under paragraph (3). (2) QUALIFYING ACTIVITIES. — An insured depository institution shall be eligible for any community enterprise assessment credit for any semiannual period for— (A) any increase during such period in the amount of new originations of qualified loans and other financial assistance provided for low- and moderate-income persons in distressed communities, or enterprises integrally involved with such neighborhoods, which the Board determines are qualified to be taken into account for purposes of this subsection; and (B) any increase during such period in the amount of deposits accepted from persons domiciled in the distressed community, at any office of the institution (including any branch) located in any qualified distressed community, and any increase during such period in the amount of new originations of loans and other financial assistance made within that community, except that in no case shall the credit for increased deposits at any institution or branch exceed the credit for increased loan and other financial assistance by the bank or branch in the distressed community. (3) AMOUNT OF ASSESSMENT CREDIT.— The amount of any community enterprise assessment credit available under section 7(d)(4) for any insured depository institution, or a qualified portion thereof, for any semiannual period shall be the amount which is equal to 5 percent, in the case of an institution which does not meet the community development organization requirements under section 235, and 15 percent, in the case of an institution, or a qualified portion thereof, which meets such requirements (or any percentage designated under paragraph (5)) of the sum of^ (A) the amounts of assets described in paragraph (2)(A); and (B) the amounts of deposits, loans, and other extensions of credit described in paragraph (2)(B). (4) DETERMINATION OF QUALIFIED LOANS AND OTHER FINANCIAL ASSISTANCE. —Except as provided in paragraph (6), the types of loans and other financial assistance which the Board may determine to be qualified to be taken into account under para-